Jul 12 2010
Building and Financing plans approved!
On July 11, at a congregational meeting called by the The Leadership Team; the following motion was approved.
We authorize the Leadership Team to take the following steps:
- Sign a contract with Bauer and Raether Builders not to exceed $1,175,000 to renovate our building, incorporating all elements of the Option 2B design as contained in the construction documents completed by Strang Inc.
- Borrow up to $1,750,000 for a construction loan and up to $1,800,000 for a 15 year mortgage. The majority of the mortgage to be paid by 2016 from Capital Campaign funds and the balance to be paid over the remaining10 years (2016 to 2026) from the operating budget with the understanding that the Leadership Team will limit borrowing amounts to what is necessary and financially prudent.
- Use 10% of the Capital Campaign funds received for mission projects and charge the Ministry on Christian Witness and Service to devise a process for developing recommendations to the congregation.
Would you consider loaning the church money in order to save financing costs? Please read this Informational Sheet
Questions and Answers – read more
